Reply
New Member
Posts: 5
Registered: ‎02-08-2013
0

Auto Loan Approval Chances??

[ Edited ]

Hello All,

 

This is my first post and I'm just looking to get a little guidance and/or reality check, this is uncharted territory for me!

 

I'm in a position where I need to get a new car, I have 160k miles on my TL. Now the tough part, I have a FICO of 550 but, I own my home with a $2450 a month mortgage and only have 2 credit cards with about a 3k limit and a 120 balance between all three. From 2009-10 I went through some personal things that caused a lot of financial strain (two households in the DC area) that caused things to fall behind big time. I have 4 public records all of which are paid. My current loan on my TL which closes out next month is current along with my mortgage. I still have one lingering collection that has not been updated/removed yet. I paid off my second mortgage last August so that's paid and closed.

 

I have a strong income (high six figures) for the last 5-7 years or so and at least 20k to put down along with 2 previous car loans. The cost of the 2010 suv is 37k. I don't want to pay cash in full. So I'm looking to get into the car make the payments for a year, then refi, then maybe pay it off later once I get some solid car history.

 

Any information would be greatly appreciated…

New Contributor
Posts: 71
Registered: ‎11-19-2012
0

Re: Auto Loan Approval Chances??

With that amount down and with proof of income, you shouldnt have any trouble at all.  You said you have had 2 prior loans, have you ever been late on them?

 

If not you should have a higher auto enhanced Fico.  

 

good luck!

 

 

New Member
Posts: 5
Registered: ‎02-08-2013
0

Re: Auto Loan Approval Chances??

[ Edited ]

Thanks for the information Robertwd82.  I was late on my current car during the tough times.  Not within the last year or so...

New Member
Posts: 5
Registered: ‎02-08-2013
0

Re: Auto Loan Approval Chances??

So just to make sure I can get something, I applied at roadloans, they gave me a 12% on 20K with 1k down and a 36 month term, payment is 600 a month. Not too bad for my score and only a 36 month loan. I wonder if the dealer can do better? So at least I know with my down payment and this loan I can get into something that I'm looking at and not be upside down on the car.

New Contributor
Posts: 71
Registered: ‎11-19-2012
0

Re: Auto Loan Approval Chances??

Thats a good interest rate for your fico score.  I would apply at the dealership, but dont let them know of your approval until you see their financing terms.  Also now is the time to apply at a few other places while you are in that 2week inq window.  

 

 

 

 

Regular Contributor
Posts: 179
Registered: ‎12-08-2012
0

Re: Auto Loan Approval Chances??

[ Edited ]

I got a car loan with Ford Motor Credit for a brand new Ford Focus SE couple months ago with no credit history other than a $300 secured credit card with 11 month history at the time and I put down 10k and the car was 19k. They financed me when no one else would. My apr is 9.19 for 72 months and my monthly payments are only $152.

 

EDIT: Almost forgot they pulled Equifax and my FICO was 663 at the time non auto enhanced.

Amex BCP 12,500 - Amazon Chase Signature 10,000 - Discover It 8,000 - Walmart MC 7,500 - Citi Diamond 6,100 - Lowe's 6,000 - Fulton 6,000 - Amazon Store Card 2,000
New Member
Posts: 5
Registered: ‎02-08-2013
0

Re: Auto Loan Approval Chances??

Robert,  What's some other good places to try besides the dealer? Thanks

New Contributor
Posts: 71
Registered: ‎11-19-2012
0

Re: Auto Loan Approval Chances??

Other dealers with the same vehicle, capital one auto finance, show your fico score and credit reports to your local credit union and see if they would be able to help you.

 

Your best shot might be at the dealers though. 

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.